Dear all,
We wanted to reach out and thank everyone of you. After a few crazy weeks of growth (we are 1 month old now), we are now catching up. Growing pains are a good problem to have and we love the growth we have seen, you all have been a part of it.
The seed, whitelist and pABI rounds are now closed. We do plan to have a gnosis auction very soon to bootstrap the initial treasury. Register Today on our website. 150 have registered in under 24 hours and the auction is scheduled to go live on December 22nd (barring any issues).
Abachi wanted to raise 1.1m in its pABI round. These are three year locked, quarterly vested tokens. We hit the pledge for that number in our first week of opening this to the public. We received a total of 318 submissions to the form and the average ticket size was 35000. We could never have imagined a response this strong.
Thank you. The round is now closed and funded.
It was not an easy decision choosing who to take money from, but we set out with a simple criteria. We onboarded people who could help us the most in the longer run. While there are a couple of VCs on board, most of the funding comes from people already in the ecosystem. Founders, developers and hodlers. The biggest response we saw in terms of numbers and commitment was from OHMies.
We apologise to any of you who could not take part, but we do have a silver lining. Everyone of you who took a bet on us and filled out the pABI form is now added to our “deal flow” list.
Abachi is not an incubator or a seed fund. However one of our core principles and mission is to fund and acquire partners and companies that can help us bring DeFi and the TradFi worlds closer. For this, we will be writing Day 1 checks (its actually stable coins) to developers and companies working towards this goal. Our deal flow list will get the first look into these companies and introductions if needed. We have two very promising ones we are currently talking to, more details on our discord soon.
Keep in mind ABI rebases like OHM, but it derives its value from OHM also. ABI tokens are used to incentive and grow the system and there is a burn of tokens that happens regularly. 10% of the treasury profits and 100% of partner profits go towards the buy back and burn. (The entity will ultimately vote on these but this is the current mechanism and proposal in our documents).
Looking back, we officially launched in the mid of November. Since then, our discord has hit 18000+ people, our twitter broke 5k people and our total marketing spend for this has been Zero. This however will change, and we do plan to spend a little on marketing. Our focus for the spend has and always will be on companies that make this space better. In this regards, we ran a whitelist campaign with RugDoc. They rarely if ever run a twitter campaign for anyone. We are also talking to a few other partners in the eco-system where we will grow this further.
Abachi is still young, but we’ve secured two partnerships in the meantime. Composable Finance and Abachi will partner to run a hackathon. There are two projects we will be putting up for this. More details soon.
1. Single click liquidity mover between EVM chains to help move gOHM.
2. A bridge between gOHM and the Polkadot / Kusama ecosystem.
We also recently signed a proposal with Chainlink to partner as an Early Adopter for the use of dedicated feeds and keepers for rebalancing. You should see some marketing events around this start in early January also. Chainlink will launch dedicated feeds for gOHM/USD, gOHM index amongst others on Polygon. We also plan to later on add dedicated feeds for INR, AUD and other currencies we will be using.
When we launched we planned to open 500 spots for the community. This we thought would help with the distribution before the entity launches. Due to the overwhelming response, we increased this number to 1000. The whitelist website will close on December 20th, however 83% of those who were added to the whitelist, have already bought the token. You can track the token issuance live on Polygon. We have 100 additional whitelist spots for partners which will be added on the 20th. Any remaining allocations (if any) will be burnt.
Coming up next is our Auction. While we wanted to keep this public and open to all, there is no easy way of holding an auction without a KYC process. Keeping this in mind, we have made the Auction private. 75,000 tokens will be offered for sale at a minimum price of $20 in the auction. This is one of the biggest ways to take a larger piece in the entire Abachi ecosystem. A bet on the Abachi ecosystem is longer term bet on Olympus DAO & the ability for Abachi to find additional revenue stream.
When we raised our seed, we reached out to the Olympus DAO partners team for some added funding to buy out an equivalent amount of tokens as in our seed round. For this purpose a proposal was set forth to the community. This was removed a day later to put forth a much better proposal now that we do not need any funding. 5% of the supply will now be locked for Olympus DAO. We do not know what the outcome of the second proposal for partnership will be, since their DAO will need to vote, but this commitment will stay in place for the mothership. We are also committed to growing the Olympus DAO ecosystem and have committed 25k towards developer support and 25k for independently run Hackathons focused on OHM.
Lastly, Abachi is a community project. We hope to decentralise as much of it as possible back into the community. Every moderator currently on our discord is from the community. We also added some heavy weights from the community like Bryon & Hassen along with a central bank quant, and a major central bank asset backed pricing expert, both of whom have asked to remain anonymous for the larger community but have shared their profiles with the internal team. Next week we hope to onboard a few developers from the community.
Once again we thank you for all the support and count on more in the coming days. This is indeed a bold experiment and we have very high convictions. We are still very much under the radar but the word is getting out.
Thank You,
Team Abachi
